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Shares of companies engaged in the insurance business such as Aditya Birla Nuvo, Max India and Reliance Capital today surged as much as 5 per cent on hopes that the government will accelerate pace of economic reforms by raising FDI cap in the sector.

Aditya Birla Nuvo gained 5 per cent to Rs 955, while Max India jumped 4.8 per cent to Rs 244.50 on the BSE.

Among others, shares of Reliance Capital rose by 4 per cent, while Bajaj Finserv was up 3.45 per cent.

Unfazed by the uproar over decision on FDI in retail, the government is determined to give a push to reforms, with the Union Cabinet set to consider today big-ticket measures like opening pension sector to foreign investment and raising FDI cap in insurance sector to 49 per.

The Insurance Laws (Amendment) Bill seeks to raise the FDI cap in insurance sector to 49 per cent from the 26 per cent at present.

In the broader market, the BSE 30-stock index, Sensex, was trading at 19,049.27, up 179.58 points at 1133 hrs.